This study uses the economic theory of asset allocations and the life-cycle theory of savings and investment to examine the gender effects on employee investment and savings behavior with defined contribution retirement plans. Data on retirement plans were collected from surveys administered to employees in a private-sector publishing firm (171 respondents) and a non-profit hospital (184 respondents). The data indicate that women are more risk averse than men in making asset allocations with their retirement plans, which is consistent with economic theory predictions. Males were observed to make larger savings contributions to their retirement plans than females, counter to the predictions of life-cycle theory. No gender differences were observed in levels of employee participation to the defined contribution retirement plans.
